India, April 7 -- Bengaluru's municipal body, Bruhat Bengaluru Mahanagara Palike (BBMP), has a new property tax calculation method for covered and stilt parking areas in buildings across the IT capital. While it is expected to benefit shopping malls, it may increase the tax burden on homeowners, say experts.Under the revised Unit Area Value (UAV) rates, residential building owners will be charged 20% of the parking area at Rs.2 per sq ft for 10 months, totalling Rs.600 per month. For non-residential areas, the UAV will be charged 25% of the parking space area for 10 months.

Previously, parking tax made up 50% of the total property tax for residential units and varied based on zonal classification (for example, A, B or C). This uniform ta...